Appen completes oversubscribed SPP

Appen (ASX:APX) has announced the successful completion of its Share Purchase Plan (SPP), which was significantly oversubscribed. The company received applications totaling approximately A$20.7 million, surpassing the initial target of A$5.0 million. In response, Appen increased the size of the SPP to raise approximately A$15.0 million by scaling back applications on a pro rata basis. New shares will be issued at A$1.92 each and will start trading on the ASX on 11 November 2024.

Appen's strategic growth and financial outlook

Appen's successful completion of its Share Purchase Plan, which was oversubscribed, demonstrates strong investor confidence. The company raised A$15 million, significantly above its initial A$5 million target. The funds will be utilized for working capital and to pursue opportunities in the generative AI space. Appen, a leader in AI lifecycle data with a global presence, continues to strengthen its financial position through strategic initiatives such as this SPP and a previous A$50 million institutional placement. The issuance of approximately 7.8 million new shares at A$1.92 each, which will rank equally with existing shares, further solidifies its strategic growth outlook.

Executive insights on Appen's strategic initiatives

The funds raised from the SPP and prior placement will provide us with the liquidity needed for working capital and allow us to explore generative AI-related opportunities.